In early 2022, tech giant Ripple released another billion XRP tokens as part of its scheduled regular fund transfers.
Cryptocurrency tracker Whale Alert has reported that around ten hours ago, on January 1, 2022, Ripple tech behemoth put its hand in its deep pocket to release one billion XRP tokens.
Ripple unlocks one billion XRP
This is a regular procedure carried out on the first day of each month. In recent years, these releases have been made in two transactions each carrying 500 million coins.
These escrow releases are programmed and so have been made automatically since 2017. The plan was to gradually move 55 billion XRP from escrow, so these monthly transfers are likely to finish this year.
Typically, Ripple then puts $ 800 or $ 900 million into escrow, using the rest to cover operational expenses, to send to customers and other financial institutions, as well as to support the coin’s liquidity by sending money. XRP to crypto exchanges.
Overall, the released billion XRP equals a whopping $835,140,718 in fiat. When these escrow releases only started four years ago, many in the XRP community feared that they would push the XRP price down and even started a petition on Change.org to demand that Ripple stopped unlocking coins. However, overtime it became clear that these released do not impact the price at all.
Ripple Sends XRP to ODL Corridor, Btistamp Moves Nearly 200 Million XRP
About fourteen hours ago, Whale Alert also detected two XRP transfers, each carrying twenty million coins. The first was done by Ripple on its ODL platform in the Philippines – Coins.ph exchange – through one of its additional wallets. This is often used to send XRP to external wallets.
With the second transfer US-based Bittrex exchange shifted twenty million XRP to Bitstamp trading platform. Bitstamp is Ripple’s ODL venue in Europe.
Apart from that, on December 31st, a single block of 177,149,680 XRP (worth $ 149,186,270) was sent by Bitstamp between its wallets, as the data provided by the platform clearly shows. XRP Bithomp Analysis.
XRP price action
As of this writing, the 8-ranked cryptocurrency XRP is struggling to recover above the $1 level but it so far remains in the $0.084 range. On December 31, the coin briefly plunged to the $0.8074 level but the it managed to reclaim the $0.8489 zone.
